Multi-Family Townhome-Style
For Sale
$519,000
Pending
681 Putnam Pike, Smithfield, RI 02828
Three-floor duplex with a two-bedroom unit on the first floor and townhouse-style living on the second and third floors.
Property Size2,496 SF
Days on Market67
Property Features for 681 Putnam Pike
General Information
Standard status
Pending
Size
2,496 SF
Property subtype
Multifamily
Building Details
Year Built
1850
Listing Agency:
RE/MAX ONE
(401) 943-6111
Listed By:
Keith Antaya · License #1001259
(401) 663-4483
Source:
Lockandkeyre
Added: Jul 1
Changed: Aug 20
Last Checked: Aug 19 at 8:03AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX ONE
Investment Insights
Based on property information with market context.
This multi-family property is configured as a duplex with a townhouse-style feel. The primary residence spans the second and third floors, providing a private, elevated layout. The first floor features a well-maintained two-bedroom, one-bath unit.
The property is set on an oversized lot and includes two brand-new combination boilers. This update supports reliable heat and hot water service for the near term.
Overall, the building offers two separate living levels within one structure, combining a self-contained first-floor unit with larger, multi-floor living above.
The property is set on an oversized lot and includes two brand-new combination boilers. This update supports reliable heat and hot water service for the near term.
Overall, the building offers two separate living levels within one structure, combining a self-contained first-floor unit with larger, multi-floor living above.
Key Highlights
- Year built 1850
- Three‑floor duplex with a two‑bedroom, one‑bath unit on the first floor
- Second and third floors provide townhouse‑style living as the primary residence
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$41,560
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.01%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$831,200
$831.2K
Cap Rate 7%
$593,714
$593.7K
Cap Rate 9%
$461,778
$461.8K
Market Conditions
NOI Build-Up for 2,496 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$63.5K $25.44/SF
− Vacancy
−$4.1K −$1.65/SF
EGI
$59.4K $23.79/SF
− OpEx
−$17.8K −$7.14/SF
NOI
$41.6K $16.65/SF
Area
Providence County, RI
Vacancy
6.50%
Lease Rate
$25.44 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$831,200
Cap Rate 7%
$593,714
Cap Rate 9%
$461,778
Alternative Uses
Best Use
Multifamily LT 5
$593.7K
$519.5K – $692.7K
NOI $41,560 @ 7.0% cap · market cap 8.01%
Second Best
Apartment 5plus
$471.2K
$412.3K – $549.7K
NOI $32,983 @ 7.0% cap · market cap 6.36%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
390
Businesses Nearby
Explore this area
Business Placement
Demographics for 02828, RI
7,469
Population
3,012
Households
2.5
Avg Household Size
50
Median Age
41%
College-Educated
95%
High-School Grad
4.3 sq mi
ZIP Area
1,737
Density / Sq Mi
$94,746
Median Household Income
$61,278
Median Earnings
$999
Median Rent
$400,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Three-floor duplex with a two-bedroom unit on the first floor and townhouse-style living on the second and third floors.
Where is this duplex located?
The property is located at 681 Putnam Pike Smithfield, RI.
What is the asking price?
The asking price for this property is $519,000.
What are key features of this property?
This property features: Year built 1850; Three‑floor duplex with a two‑bedroom, one‑bath unit on the first floor; Second and third floors provide townhouse‑style living as the primary residence
